MO borrows $75 million more to pay bills
Jefferson City, MO – The state of Missouri has loaned itself $75 million more to help pay bills. The borrowing comes from a state government budget reserve fund that must be repaid.
The state also borrowed money in July and October, which means $225 million plus interest needs to be repaid by mid-May.
In addition, the state borrowed $21.6 million to hold over a fund used by the Department of Social Services. The borrowing will be repaid using money from the tobacco settlement that goes to the Healthy Families Trust-Health Care Account every year on April 15th.